San Diego home listings top 7,000; first time in 2 years

Related Special Reports

The number of active listings in San Diego County on the Multiple Listing Service surpassed 7,000 for the first time in two years last month, and the median price of a resold single-family home reached $500,000 for the first time since 2007.

According to a Greater San Diego Association of Realtors report, the $500,000 median price in May was 1.83 percent higher than April and 7.29 percent higher than May 2013.

Condominium and townhome prices edged up slightly to $335,000 between April and May 2014.

While the resale of single-family homes dropped by 14 percent year-over-year, the SDAR reported this isn't due to a lack of demand, but because of a lack of supply.

Resold single-family homes, which were on the market for about 90 days or more during the recession, are closing in 40 days.

"The market will experience month-to-month variances, but the housing market in San Diego remains strong," SDAR 2014 President Leslie Kilpatrick said in a statement. "More homes are on the market and buyers are scooping them up quickly. That's an encouraging sign."

In June, the ZIP codes in San Diego County with the most single-family home sales were: 92057 (Oceanside), with 56; 92027 (Escondido) with 52; 92130 (Carmel Valley), with 49; 92028 (Fallbrook), with 48; and 92009 (Carlsbad), with 48.

The most expensive San Diego County listing sold last month was a six-bedroom, seven-bath, 7,228-square-foot home in Coronado that sold for $10.5 million.

Nov. 20 1014 -- George Chamberlin speaks with Dr. Lynn Reaser, chief economist for Point Loma Nazarene University at the Fermanian Business & Economic Institute, and Leslie Kilpatrick, 2014 president of the Greater San Diego Association of Realtors, about recovery in the local real estate market.

June 26, 2104 -- George Chamberlin speaks with Leslie Kilpatrick, president of the Greater San Diego Association of Realtors, and Donald Coleman, vice president of real estate member experience for USE Credit Union, about what's happening in the residential real estate market and the role a credit union can play in buying a home.